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Eton pegs price at P3 per share

By Jenniffer B. Austria | Posted on Nov. 03, 2012 at 12:01am |
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Eton Properties Philippines Inc., the property unit of beer and tobacco tycoon Lucio Tan, has finalized the terms and conditions for a planned tender offer and delisting from the stock market.

Eton said in a filing with the Philippine Stock Exchange that it would acquire  shares owned by the public at P3 apiece.

The tender offer price of P3 is slightly higher than Eton’s closing price of P2.99  on Wednesday.

Eton is 97.46 percent owned by Tan-owned companies, namely Paramount LandEquities Inc. and Saturn Holdings Inc. This means only 2.54 percent of the company’s shares, totaling 73.798 million shares, are owned by the public.

Eton is expected to spend P221.4 million to acquire all the public shares.

The tender offer will start on Nov. 7, 2012 and end on Dec. 5, 2012.

“We respectfully petition the exchange to issue an order delisting the shares of the corporation from the registry of the exchange effective Jan. 2, 2013, which is at least 60 days from the filing of this petition, subject to the payment of voluntary delisting fee,” Eton said.

The property last month decided to delist from the PSE because of its inability to comply with the 10-percent public float requirement before the end of the year.

“The board believes that this is the best option at this time,” Eton said.

Eton officer-in-charge Michael Tan, however, said the property might relist in the PSE after three years.

The PSE has given non-compliant companies until Jan. 1, 2013 to meet the requirement. Companies unable to comply will be slapped with a six-month trading suspension and face delisting procedures later.

Eton, formerly Balabac Resources and Holdings Corp., posted a P31-million net income in the first half of the year, down from P418 million year-on-year.

First-half revenues declined to P995 million from P2.5 billion a year ago due to construction delays.

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